(04-02-2025, 11:48 AM)Jag149 Wrote:

(04-02-2025, 10:16 AM)mikesez Wrote: Assets that are subject to capital gains tax today would be subject to this. Assets that are not, would not. 
Any reduction in value between the time that an asset was purchased and the time that it was used as collateral on a new loan would be considered a loss. 
Any increase in value between the time that an asset was purchased in the time that it was used as collateral on a new loan would be considered a gain.
It's only complicated if you want it to be complicated. What is the problem?

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The value of the asset is established by agreement between the person who owns the asset and the bank that is loaning them money using the asset as collateral. No IRS bureaucrat is involved with determining the value of the assets.

Who said anything about kicking old people out of their homes? That's a question of state law, not federal tax policy. Our state has a homestead exemption, which prevents most old people from being kicked out of most of the homes they own. Some states don't have this, but that's not a federal issue.

Go sell it elsewhere. I for one am not guying what you are selling. Others on here may, but that is their prerogative. Pigeon